More firms may exit SGX even as it moves to attract listings

Two more companies have announced moves that may impact their Singapore Exchange (SGX) listing status even as efforts are being made to boost market interest and attract new IPOs.

- Timothy Goh

Local medical services company Singapore Paincare has received a privatisation offer from Advance Bridge Healthcare at 16 cents a share, valuing the company at about $27 million. This was announced after the firm requested a trading halt on May 27.

The offer represents a 27 per cent premium over its last traded price and 77.8 per cent above its share price in March 2024, when a potential deal was first announced. Singapore Paincare will be delisted from the SGX's Catalist board if the deal is successful.

The company said in a bourse filing on May 28 that it saw "no necessity for access to equity capital markets" and that it has not carried out any exercise to raise equity capital on the SGX since its initial public offering in 2020, except for a share placement exercise in the same year.

It also noted that delisting from the Catalist board would reduce costs relating to the maintenance of its listed status, allowing more resources to be channelled to its business operations.

Singapore Paincare did not respond to queries from The Straits Times.